Common Wealth Development Inc
- Assets
- $16.9m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, WI
- Founding
- 05/1979
- Data as of
- 12/2021
- EIN
- 39-1323500
Organization Overview
Common Wealth Development Inc is located in Madison, WI. The organization was established in 1979. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Common Wealth Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Common Wealth Development Inc generated $3.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 9.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AND PRESERVE THE VITALITY OF NEIGHBORHOODS IN THE MADISON METROPOLITAN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING PROVIDES AFFORDABLE RENTAL HOUSING OPPORTUNITIES TO LOW AND MODERATE-INCOME HOUSEHOLDS THROUGH THE OWNERSHIP AND MANAGEMENT OF 157 APARTMENTS. THERE ARE 111 APARTMENTS SCATTERED THROUGHOUT THE WILLIAMSON-MARQUETTE NEIGHBORHOOD ON MADISON'S EAST SIDE, AND 46 APARTMENTS IN THE MEADOWOOD NEIGHBORHOOD ON MADISON'S SOUTHWEST SIDE. CWD ALSO ADMINISTERS 20 UNITS OF AFFORDABLE HOME OWNERSHIP.
ECONOMIC DEVELOPMENT CONSISTS OF ADULT AND YOUTH WORKFORCE DEVELOPMENT AND MANAGEMENT OF TWO BUSINESS INCUBATORS. CWD MANAGES A 42,000 SQUARE FOOT BUSINESS INCUBATOR PROVIDING SMALL BUSINESS TECHNICAL ASSISTANCE AND REFERRALS, A 50,000 SQUARE FOOT LIGHT INDUSTRIAL BUILDING AND A COMMUNITY BASED EMPLOYMENT TRAINING AND PLACEMENT PROGRAM WITH CASE MANAGEMENT SUPPORT. THE YOUTH AND ADULT WORKFORCE DEVELOPMENT PROGRAMS COACH PARTICIPANTS IN FINANCIAL FLUENCY, JOB READINESS AND ENTREPRENEURIAL LEADERSHIP.
HEALTH EQUITY INTEGRATES COMPREHENSIVE COMMUNITY HEALTH APPROACHES TO VIOLENCE PREVENTION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Justice Castaneda Executive Director | Officer | 40 | $88,664 |
Stefan Davidson Finance Director | Officer | 40 | $74,458 |
Connor Sabatino President | OfficerTrustee | 2 | $0 |
Leslie Freehill Vice President (thru September) | OfficerTrustee | 2 | $0 |
Vanessa Kuettel Treasurer (from Mid-December) | OfficerTrustee | 1 | $0 |
Benjamin Leroy Vice President (from October) | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Connery Construction General Contracting | 12/30/21 | $1,279,843 |
Qti Human Resources Llc Employee Leasing | 12/30/21 | $1,356,294 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $10,233 |
| Membership dues | $0 |
| Fundraising events | $31,372 |
| Related organizations | $0 |
| Government grants | $893,047 |
| All other contributions, gifts, grants, and similar amounts not included above | $458,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,392,837 |
| Total Program Service Revenue | $2,301,197 |
| Investment income | $1,215 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$12,349 |
| Net Income from Gaming Activities | $1,417 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,774,568 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $36,107 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $178,184 |
| Compensation of current officers, directors, key employees. | $178,184 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,007,097 |
| Pension plan accruals and contributions | $13,772 |
| Other employee benefits | $176,757 |
| Payroll taxes | $90,024 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $64,615 |
| Fees for services: Accounting | $74,932 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,092 |
| Advertising and promotion | $2,963 |
| Office expenses | $78,208 |
| Information technology | $57,461 |
| Royalties | $0 |
| Occupancy | $890,737 |
| Travel | $4,774 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,409 |
| Interest | $261,528 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $577,723 |
| Insurance | $5,739 |
| All other expenses | $40,850 |
| Total functional expenses | $3,624,354 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $454,281 |
| Savings and temporary cash investments | $406,146 |
| Pledges and grants receivable | $447,690 |
| Accounts receivable, net | $76,259 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $60,494 |
| Net Land, buildings, and equipment | $14,408,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $145,419 |
| Intangible assets | $0 |
| Other assets | $901,085 |
| Total assets | $16,900,042 |
| Accounts payable and accrued expenses | $185,830 |
| Grants payable | $0 |
| Deferred revenue | $64,551 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,958,330 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,859,054 |
| Total liabilities | $13,067,765 |
| Net assets without donor restrictions | $3,343,103 |
| Net assets with donor restrictions | $489,174 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,900,042 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Common Wealth Development Inc has recieved totaling $334,328.
| Awarding Organization | Amount |
|---|---|
Cuna Mutual Group Foundation Inc Madison, WI PURPOSE: CHARITABLE | $120,000 |
Cuna Mutual Group Foundation Inc Madison, WI PURPOSE: CHARITABLE | $75,000 |
Roots And Wings Foundation Inc Seattle, WA PURPOSE: HOUSING (UNRESTRICTED) | $50,000 |
Madison Community Foundation Madison, WI PURPOSE: GENERAL CHARITABLE PURPOSES | $50,000 |
Cuna Mutual Group Foundation Inc Madison, WI PURPOSE: CHARITABLE | $25,000 |
Community Shares Of Wisconsin Inc Madison, WI PURPOSE: GENERAL SUPPORT | $13,901 |
Endowment Analysis
| Beg. Balance | $18,115 |
| Earnings | $3,279 |
| Admin Expense | $186 |
| Other Expense | $1,256 |
| Ending Balance | $19,952 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iec Hotel Corporation West Des Moines, IA | $103,529,195 | $16,531,928 |
Milwaukee Economic Development Corp Milwaukee, WI | $129,937,785 | $4,507,113 |
Black Hawk County Gaming Assoc Waterloo, IA | $18,246,475 | $5,898,126 |
World Business Chicago Chicago, IL | $9,302,792 | $9,942,081 |
Enlace Chicago Chicago, IL | $7,912,354 | $9,016,287 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Common Wealth Development Inc Madison, WI | $16,900,042 | $3,774,568 |
Renaissance Development Fund Benton Harbor, MI | $26,943,889 | $2,827,375 |
Humans First Detroit Detroit, MI | $6,650,332 | $4,303,626 |
Milwaukee Urban Strategic Investment Corp Milwaukee, WI | $23,035,863 | $4,044,506 |
Warren-Conner Development Coalition Inc Detroit, MI | $1,694,673 | $3,249,362 |